Following years of speculation, Chase will be the tenant in the next chapter of one of Brooklyn’s biggest retail hotspots, the former site of the Salvation Army on the corner of North 7th Street and Bedford Avenue in Williamsburg.
The bank will open at 180 Bedford Avenue sometime in the third quarter, according to spokesperson for developer Thor Equities.
For decades, the ‘Burg was largely a bank desert, despite holdovers in what was once a banking district on the south side of the neighborhood in the 19th century. That has been less true in recent years with the addition of Citibank and others on the north side.
A bank may be better positioned than other retailers to weather the coming 15-month shutdown of the L train, drawing business from local residents and merchants as well as visitors.
The bank also fits into the controversial trend of gentrified areas filling with banks, medical facilities, and chain stores.
At one time, it was rumored an Apple store would be moving into the old Salvation Army space. Apple did eventually open an outpost further down the street, its first in Brooklyn.
Rising property values have led the Salvation Army to close stores throughout the borough. Its Clinton Hill store at 22 Quincy Street, designed by noted 19th-century architect Francis Kimball, is still open but is also for sale.
The retail mix in Williamsburg has changed significantly since Apple signed its lease in 2014. Ralph Lauren, J.Crew, American Apparel, Gant, Levi’s, Duane Reade, Equinox, WeWork, CapitalOne, Citibank and Urban Outfitters have set up shop in the formerly mom-and-pop neighborhood.
- Developer Moving Quickly to Finish Up Prime ‘Burg Retail Ahead of L Train Shutdown
- Thor Equities to Buy Prime ‘Burg Spot From Salvation Army for $36 Million
- Rising Property Values Lead Salvation Army to Close Third Brooklyn Store